The longer we're in real estate the more apparent it becomes that as an industry we don't do a great job of educating the public on how real estate agents work with the public. It's readily apparent that the typical consumer doesn't truly understand what is called "agency relationship" or how agents get paid.
In a nut shell, Ohio agents work in one of three capacities:
1. As a listing agent (that means we work for the SELLER)
2. As a buyer's agent (that means we work for the BUYER)
3. As a dual agent (that means we're working for BOTH the Buyer and the Seller, or depending on your outlook, we're not working for EITHER the Buyer or the Seller, but more as a facilitator for the transaction)
If you're a seller, you WANT an experienced listing agent working on your behalf. A good listing agent knows how to market a home, price it right, get it prepped for sale and act as your guide through the entire process.
On the other hand, if you're seeking to BUY a home, you REALLY don't want to be working with the listing agent because (see above paragraph) they work for the SELLER and NOT you. Don't fall for the myth that if you go straight to the listing agent that they'll give you a "better" deal since there's no buyer's agent commission involved. As a listing agent the agent CAN NOT TELL YOU A HOME IS OVERPRICED without violating their duty to the seller.
And if you want to see 5 homes do you REALLY want to coordinate with 5 listing agents for 5 separate appointments or is it more practical to have ONE buyer's agent that can set up the entire series of homes and ONLY have YOUR interests as their obligation?
And of course, there's dual agency. Fact is in some states it's totally illegal, but in Ohio it's allowed. Basically as a dual agent the agent is to become neutral, showing no favor to the seller or the buyer and basically acting to facilitate the sale. It's NOT ideal for either that buyer or seller because neither has a truly dedicated representative.
Now regarding the whole agent pay thing, there's only ONE way we get paid, and that is by successfully completing a sale with you as our client. We can show you 50 homes, but if you don't buy one of them, we've worked for free. Or if you bring in another agent to write the offer, we're again left working for free. It's why loyalty is so important to us in our business.
Need help buying or selling a Warren County area home? Just contact us at 513-520-5305 or Liz@LizSpear.com to discuss how we can help.
Liz and Bill aka BLiz
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS
William (Bill) Spear, CRS
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Direct #2: 513-265-3004
Search Homes: Http://WarrenCountyOhioRealEstate.com
Our Website: www.LizTour.com
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